Company: Flour Mills of Nigeria
Country: Nigeria
Sector: Agroindustry
CEO: Omoboyede Olusanya (Group Managing Director/CEO); John Coumantaros (Chairman)
Website: https://www.fmnplc.com/
Careers Page: Not publicly listed
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Lagos, Nigeria
Founded: September 29, 1960
Valuation/Revenue: NGN 2.3 trillion (approx. $1.6bn) revenue for FY2023/24, per company/Wikipedia sourcing; African Business Top 250 (2025) separately cited $2,014m revenue for this ranking
Flour Mills of Nigeria (FMN) is one of Nigeria’s largest diversified agribusiness conglomerates, best known for its flagship Golden Penny flour brand, with operations spanning food processing, sugar refining, agro-allied inputs, port operations, logistics, packaging and real estate. Founded in 1960, the same year as Nigeria’s independence, it has grown into a vertically integrated food and industrial group — and, as of January 2025, is no longer a publicly listed company after its controlling shareholder bought out minority investors.
Is Flour Mills of Nigeria Still Publicly Traded?
No — this is an important status change. Flour Mills of Nigeria was delisted from the Nigerian Exchange (NGX) in January 2025 after Excelsior Shipping Company Limited, its parent company and majority shareholder, acquired all remaining minority shares in the company, taking FMN fully private. Researchers or data sources describing FMN as an NGX-listed public company should treat that as outdated; as of 2025-2026, it operates as a privately held subsidiary of Excelsior Shipping.
What Does Flour Mills of Nigeria Do?
FMN operates as a vertically integrated agribusiness conglomerate. Its core business remains flour milling under the flagship Golden Penny brand, one of the most recognized food brands in Nigeria, but the group has diversified extensively into pasta and noodles (Golden Pasta, Golden Noodles), sugar refining (Golden Sugar), animal feed (Premier Feeds), port and logistics operations (including the Apapa Bulk Terminal and Golden Shipping Company), packaging, and real estate. This integration — from raw material handling and port logistics through to consumer-facing food brands — is a defining feature of FMN’s business model and a key competitive advantage in Nigeria’s often logistics-constrained operating environment.
How Big Is Flour Mills of Nigeria?
According to company and Wikipedia-sourced figures, FMN generated revenue of roughly NGN 2.3 trillion (about $1.6 billion) in its 2023/2024 financial year. African Business magazine’s Top 250 African companies ranking for 2025 separately cited the company’s revenue at approximately $2.01 billion, broadly consistent with these figures and confirming FMN’s position as one of Nigeria’s largest privately controlled industrial groups by revenue.
Who Owns Flour Mills of Nigeria?
Following the January 2025 delisting, Flour Mills of Nigeria is wholly owned by Excelsior Shipping Company Limited, which had already been the company’s majority shareholder and moved to acquire all outstanding minority shares, taking the company private. John Coumantaros has served as Chairman since 2014 and was previously CEO; the Coumantaros family has long been closely associated with the company’s ownership and leadership going back to its founding era.
Who Is the CEO of Flour Mills of Nigeria?
Omoboyede Olusanya serves as Group Managing Director/CEO of Flour Mills of Nigeria, leading the company’s operations across its diversified business segments, while John Coumantaros continues as Chairman of the board.
How Old Is Flour Mills of Nigeria?
The company was founded on September 29, 1960, making it more than 65 years old as of 2026 and one of Nigeria’s most established industrial businesses, having operated continuously through the country’s independence era and subsequent decades of economic change.
What Has Flour Mills of Nigeria Been in the News For Recently?
The most significant recent development is the January 2025 delisting from the Nigerian Exchange, following Excelsior Shipping’s buyout of minority shareholders — a notable case of a long-listed, well-known Nigerian industrial company going fully private, part of a broader pattern in which some large family-controlled Nigerian conglomerates have opted to exit public markets rather than meet rising listing and disclosure obligations.
Links
Website: https://www.fmnplc.com/
Careers Page: Not found
LinkedIn: Not found
Email: Not publicly listed
FAQ
Is Flour Mills of Nigeria still on the stock exchange?
No — it was delisted from the Nigerian Exchange in January 2025 after Excelsior Shipping bought out all minority shareholders.
Who owns Flour Mills of Nigeria now?
Excelsior Shipping Company Limited owns the company outright following the 2025 delisting.
What is Flour Mills of Nigeria’s best-known brand?
Golden Penny, its flagship flour brand, alongside Golden Pasta, Golden Noodles and Golden Sugar.
Who is the CEO of Flour Mills of Nigeria?
Omoboyede Olusanya is Group Managing Director/CEO; John Coumantaros is Chairman.
How old is Flour Mills of Nigeria?
It was founded on September 29, 1960.
How much revenue does Flour Mills of Nigeria generate?
Roughly $1.6-2.0 billion depending on the year and source, per company reporting and African Business magazine’s Top 250 ranking for 2025.